3 Principles for Smarter Innovation Decisions
Company leaders pride themselves on their ability to make key decisions to drive their business. Yet, sadly, most companies don’t use hard data to make innovation decisions. The result is a 85% to 95% failure rate in innovation.
Why don’t leaders use data to make more decisions? They don’t know that they can! I believe that leaders are not stupid. They would use data to aid their decision making if they had it. The reason they don’t is because they believe they can’t gather data to help them make most decisions. Ten to twenty years ago they were right. It was not cost effective to use data to make smarter decisions.
Fortunately, new discoveries and technologies now make it possible to cost effectively gather data to support 100% of key decisions. For example: a long term marketplace tracking study by the Eureka! Ranch’s - MERWYN Decision Support group found that the Truth Teller research methodology was 7 times smarter at making go/no go decisions than company leaders.